Central Bank Governor Says Beware of High Food Prices – Oh, Our Mistake… She Says Forget About A Raise.

marion-williams-barbados-central-bank.jpg

Unless things have changed in the past few weeks, Central Bank Governor Dr. Marion Williams still drives in a government-provided auto and still lives in a government-provided home, so I don’t think she personally cares much about the price of milk for the children’s breakfast.

I know, I know – the whole economy is all tied together and she has to worry about the big picture an all that.

But somehow in the wake of what has happened to food prices of late, her message “Beware High Wage Demands” rubs me the wrong way. I would have much rather seen her talk about the monopoly that controls the importing of food and other necessities into Barbados, kills competition and contributes to out of this world food prices.

She also talks about a potential devaluation of our dollar. I have news for the dear doctor… it already happened!

Williams: Beware High Wage Demands

CENTRAL BANK GOVERNOR Dr Marion Williams has sounded the warning that unrealistic wage demands could have a negative impact on the economy.

She declined to say what a safe negotiated percentage should be but cautioned that if the situation got out of hand, wage
inflation could spiral and see decreased value in the Barbadian dollar.

“I would not want to commit to any particular figure, but I would say that it is important that we focus on productivity increases and that there should be some attempt, at least, to make sure that there is a relationship between the performances of the entity and
the wages that are being requested.

“Particularly since wages are an ongoing charge on the activities of the entity, as compared for example with bonuses, which are periodic and can be adjusted, depending on how the entity performs,” she told reporters during a Press conference at the bank yesterday to review the country’s economic performance during the first nine months of the year.

… continue reading this article at the Nation News. (link here)

31 Comments

Filed under Barbados, Business

31 responses to “Central Bank Governor Says Beware of High Food Prices – Oh, Our Mistake… She Says Forget About A Raise.

  1. Anonymous

    I have to admit her statement rubbed me the wrong way the minute I read it also, but then again, I’ve never been a fan of Dr. Marion. She seems to have lost touch with the common man, or is being used as a puppet for big business. I’d like to know what HER wages are like!

  2. anon

    Just remember that high wage demands can only be met by significant increases in productivity. What people fail to realise is that due to the drop in value of the US$ our currency has been devalued. This has resulted in a signifcant amount of our inflation being imported

  3. Idealist

    Typical.

    Report a nice rosy picture of economic well-being for the feel good factor, then warn off the workers from daring to share in this “unbelievable” success.

    Which is it, are we doing well or not?

  4. Wishing in Vain

    Am I to assume that with the country in such fine shape all the gov’t workers that have been striking and fussing about receiving their wages will now receive them instantly, because if the courty is not sick therefore there can no excuse for the continous late payment of peoples wages.

  5. anon

    http://www.centralbank.org.bb/Publications/EconRevFirstNineMths2007.pdf

    Noted above is the web site address where you can see a copy of the Review given by the Governor yesterday

  6. Adrian Hinds

    The politicians and leading civil servants done get their raise and ever since they have been denying everybody else theirs. They have no shame and should get your vote.

  7. Anonymous

    another govern-mental spinner!

  8. Pogo

    Dr. Williams you are in charge of foreign currency exchange reporting and controls.

    So please tell us how much money goes offshore from politician’s bank accounts and also how much government money goes offshore with you not reporting it and then looking the other way?

    We betting that the total will easily be enough to give all the normal citizens of people a raise.

    With you in a free house and car and more more more you don need a raise though.

  9. Tony

    She obviously is not thinking for herself. Remember in the 1980s Sir Courtney Blackman said in a call-in programme on CBC Radio that he is a “creature of the Prime Minister” and ask the caller if he expects him to go against his boss? That says it all. We are in a sad state in Barbados.

  10. Adrian Loveridge

    I had to print off the story carried on CBC News last night regarding the Central Bank Govenor, Dr Marion Williams, when reporting on the Barbados economy for the first nine months of the year (2007).

    http://www.cbc.bb/content/view/13126/10/

    ‘She said reduction in prices were recorded for housing, fuel and light, clothing and footwear, transportation and education’.

    Eh!

    Am I living on the same island as Dr Williams?

  11. Adrian Loveridge

    Check out caribbean360.com
    ‘Cricket World Cup a boon for Barbados economy’

    ‘Governor of the Central Bank of Barbados, Dr Marion Williams has revealed that Barbados made significant gains from its leg as host of the international sporting tournament’.

    and

    ‘The ICC’s CWC 2007 in the West Indies seems to have provided the economic windfall that Barbados’ leaders had hoped for’.

    Can a net gain of just 44 long stay visitors be considered an ‘economic windfall’?

    What about the total costs related to the event, are we, the taxpayer, ever going to hear what they were?

  12. reality check

    these comments are worse than spin

    The whole cultural of pathologically lying to the public just to retain power is incredibly offensive.

    Do not be suprised in the least when votes are bought, ballots are stuffed and ballots are lost. These people will do anythibg to retain their power and their paycheques.

    Will the real Barbados opposition please stand up?

  13. Hants

    Adrian L…. what do you think about these comments by Mr.Chastenet.

    http://www.cbc.bb/content/view/13130/45/

  14. Hants

    Jamaica has an agressive TV campaign in Toronto.
    Really great video of Jamaica in their TV ads.

    Also they just started a contest for 15 one week vacations as prizes, and a Breakfast in Jamaica broadcast will be shown on TV in Toronto during the week the winners and the TV crew are in Jamaica.

    Hopefully the BTA will go after some of the $1.05US Canadian money.
    Imagine a Canadian dollar worth $2.10 Barbados.

  15. Bajan Observer

    It is obvious: this woman is a clown. I can see more poor people on the road, more degrade in town and this one is talking about “robust” grow in economy?? Yep..she talks about wages ..what about the “mafia” that controls all the food imports??
    Shame on you Dr…..

  16. rasta man

    Prices are about to go up again on almost all commodities. Freight costs have gone up by about40%

  17. Pelican

    I’ve read the GOCB’s report and I have two simple questions ?
    1. Does the CB like the past Federal Reserve posses the power to tie their reserves to anything other than the USD, say like “Gold” ?
    2. After the disturbing situation of civil servants not being paid,some for months, it begs me to wonder… who is really paying their salaries ? Isn’t there a process in government accounting depts. that is followed every month to pay our workers ?

    The GOCB said the economy saw an increase in 4.4%….. how does the CB arrive at this figure ? is there a procedure open to the public for scrutiny on this particular bit of information. Ok there are more than 2 questions, but I’d really appreciate help with my questions.

  18. theNickster

    Perhaps working in the tallest building in town convinces her that people are truly the ants she sees from the upper floors, scurrying around our short meaningless lives. It is a funny thing to see how power goes to the head of someone who has the title of “governor”. What she neglects to mention is that she is nothing more than a glorified geisha, fluffing the pillows and fetching the boots of her foreign masters, the ones who Owen really answers to. Jokers like Owen and Simmons look like drunken wife beaters next to the ones who really call the shots, these people can make or break whole countries (what damn fool relies solely something as fickle tourism with no real environmental protection and no plausible back-up anyway). Ole maid Marion is just a tool, its the ones actually at the controls we should keep an eye out for. As long as foreigners control the money, it is irrelevant who the prime minister is.

  19. Anonymous

    “It is obvious: this woman is a clown.”

    She is not a clown -she is a puppet
    She will do what she’s told – or lose her job!
    She’s a puppet, like all of them, and will do whatever is required of her
    in order to keep the big silver BMW with green MP plates and the fat salary!
    and if you were in the same position, you’d be just like her. life has come to this. it’s the LOVE OF money that has done it to us. that and ever-nibbling inflation
    (wait til She delivers those fantasy figures – you’ll hear inflation in Barbados is “a mere 2.8% per annum”, or some such BS – yeah Marion riiiight!)
    we see it on TV and so we believe it.
    TV adds huge credibility to those who have no BS detectors.
    Are yours turned on??

  20. Anonymous X

    I really could not believe my ears when the Governor said we were doing so good and then she proceeded to suggest wage restraint. She failed to address rising prices and to tell the private sector to exercise some price restraint. She seem to be suggesting that prices could not be controlled. Her report was really one sided and needs to reflect the real Barbados. She should qualify the report because the earnings in relation to CWC does not happen every year.

  21. To: Gorilliphant
    Why do you have to express yourself like this?
    It is really sickening.
    I think you would make more of an impact if you study your theme and make inteligible and intelligent comments.
    As it is right now – You are the loser, not your target.

  22. Mojojojo

    I have read the section of the press release on inflation, and unfortunately it seems that most of the mis-understanding with regards to inflation occurred due to how the section is written.

    The report states that “Reductions in prices were recorded for housing, fuel and light, clothing and
    footwear, transportation and education …”

    The language is a bit misleading. What actually occurred is that relative to last year, prices have not risen as quickly. Thus the overall price level is still increasing, but at a slower rate.

    It is akin to if you turn down your faucet, water is still flowing out, but at a slower rate.

  23. Adrian Loveridge

    Mojojojo…

    ‘the language is a bit misleading’

    ‘misleading’ by who Mojojojo?

    Surely, the Governor of the Central Bank and her team of advisers, helpers, assistants etc, etc., are able, capable and have the resources to issue a clear statement/report that we can all understand and not second-guess?

  24. Mojojojo

    Well in this case Mr Loveridge, you can obviously see that the report is not very clear.

    I was being politically correct by saying ‘misleading’, but basically it is incorrect to say that “Reductions in prices were recorded for housing, fuel and light, clothing and footwear, transportation and education …”.

    If one examines the statistics put out by the same Central Bank (available on their website), one can clearly see that average price levels for housing, fuel and light, clothing and footwear, etc are rising.

    The authors of the report should not have used the word “reductions”.

    Maybe they need to hire you to proof read.

  25. Anonymous

    what marion uttered is what the govt wants us to think about the economy. its not real its not truthful. they massaged the numbers and then they massaged the text of what marion read out for us. don’t believe everthing you see or hear okay? the days of truth are now well behind us and we need to adjust to this grim reality. just because it came from central bank via tv doesn’t mean its real. it may be what you have to work with, to mull over, to digest and analyse but that doesn’t make it truthful or real. its a lot like what the newspapers feed you daily. its what they want you to know and think. deliberate disinformation misinformation maybe witholding of information. to me this is so obvious but there are those out there who still cling to conventional utterances by media as gospel but gospel days dun. cynics and skeptics now rule. time to adjust your critical thinking

  26. The Bigdog

    In light of all that is going on here in our sweet little island we need not loss hope, for our national anthem states that “The Lord has been the people’s guide for past three hundred years. With him still on the people’s side we have no doubts or fears.” If we continue to lose hope in the person to whom we owe our existence to date, then it won’t be the high cost of living that will do us in, nor will it be the folks that are controlling the economy but fear as (Luke 21:26) tells us “ Men’s hearts failing them for fear, and for looking after those things which are coming on the earth” So as we can see from the comments that we do not trust the things that our leaders tell us, so who do we trust? The Lord.

  27. Jerome Hinds

    Well it is not only food prices rising…..but electricity bills rising again !

    There is too much light in this ……TUNNEL !

  28. Avatar Gurl

    Hey Bigdog….

    The Lord helps those who help themselves…

    Do whatever you have to…

    It’s “brek out fuh yuhself” time now!